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Flexible Spending Accounts (FSA)

A Flexible Spending Account (FSA) is an employer-sponsored benefit account that allow you to set aside tax-free money to pay for out-of-pocket healthcare expenses. If you expect to incur medical expenses that won’t be reimbursed by another plan, FSAs are a great way to save money while covering those costs.

FSA Tax Benefits

Save an average of 30% on qualified out-of-pocket healthcare expenses by using pre-tax dollars.

Your full election amount is available on day 1 of the plan year – like an interest-free, tax-free loan.

Federal Tax Rate

Annual FSA Contribution

Annual Tax Savings

15%

$1,500

$340

15%

$2,700

$612

25%

$1,500

$490

25%

$2,700

$882

35%

$1,500

$610

35%

$2,700

$1,152

For illustrative purposes only. Savings calculations are based on the Federal tax rate listed in the table and 7.65% FICA. Your tax situation may be different. Please consult your tax advisor.

FSA Contribution Limits

The Internal Revenue Service (IRS) has established a 2019 maximum contribution of $2,700.

FSA Eligible Expenses

Below is a quick reference list of expenses that can be reimbursed from a Flexible Spending Account. For more detailed information, please refer to IRS Publication 502 titled “Medical and Dental Expenses,” online at irs.gov/pub/irs-pdf/p502.pdf (file will open in a new tab). For tax advice, please consult a tax or legal professional.

Acne Treatments**

Allergy Medicine**

Antacids**

Bandages

Chiropractic Care

Cold Medicine**

Contact Lenses & Cleaners

Copays, Co-Insurance & Deductibles

Dental Care

Diabetic Supplies

Eyeglasses

Hearing aids

Laser Eye Surgery

Orthodontia

Pain Relievers**

Pregnancy Tests

Prescription Drugs

Smoking Cessation Programs**

**over-the-counter (OTC) drugs and medicines (except insulin) are only eligible for reimbursement when prescribed by a physician.